China to improve auditing efficiency to support M&A: CSRC

BEIJING - China will adjust the auditing process to support mergers and acquisitions of listed firms, the country's top securities watchdog said Friday.

China Securities Regulatory Commission (CSRC) will audit the legal, financial and industrial conditions of the applicants based on their disclosed information and cut the auditing time.

CSRC will organize auditing meetings of applicants in batches and improve supervision of intermediary institutions such as accounting firms.

The new rule will take effect on November 9.

The M&A market has been quite active by far this year, with a total of 1919 M&A cases approved by the end of September, according to CSRC.